Get Roommates

With rent/mortgage payments usually being the largest expense every month, being able to split on this can save you a fortune. If you live by yourself, instead of getting a studio or 1 bedroom apartment, sharing a 2 bedroom apartment with one other person can save a lot of money, as usually the 2 bedrooms are not that much more expensive than the 1 bedrooms. For example, in the area I live, 1 bedrooms are around $1500 and 2 bedrooms are around $1800. By getting the 2 bedroom and splitting, the rent comes out to $900, much more manageable.

If you own a condo or house, renting out one or some of the rooms can relieve the burden a bit. Of course, the viability of getting a roommate will depend on each person’s situation, for example having a family and kids may make it more difficult. But either way, if there are unused rooms in your home, consider renting it out, even if temporarily like thru airbnb to earn some extra cash.

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